Much has been said of the Baby Boomer generation and the impact that this set of Americans will have on the nation’s economy. As Boomers age, many will face an unusual set of needs in regard to estate planning. Addressing those needs takes a careful and considered approach, guided by the fact that no two Pennsylvania families are exactly alike and that a tailored solution provides the best possible fit.
As many Boomers age, they will assume responsibility for caring for their own aging parents. Some will take their elderly parents into their own homes to provide care, while others will find suitable residential care options. Caring for aging parents is a loving and admirable choice, but it also creates a unique set of financial needs. Should the caregiver predecease his or her parents, how would that level of care be continued?
Some Boomers will purchase life insurance policies with the intent of funding continuing care for their elderly parents. Others will create trusts that will serve the same purpose. There are a number of ways to ensure security for loved ones, and a customized solution is available for virtually any set of needs.
Anytime that an individual assumes responsibility for the care of another, those responsibilities extend to a number of potential circumstances. In regard to aging caregivers in Pennsylvania, there is a need to provide a means of continuing care in the event that the caregivers pass away before their loved ones. In many cases, that level of estate planning protection will not be necessary, but it is important to have protections in place nonetheless.
Source: valdostatoday.com, “The Necessity Of Estate Planning Is Growing“, Robert Lambert, March 3, 2016